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Financial & Banking

The insurance market has over 37,000 registered consultants

Monday, February 24, 2020

Following the completion of an important stage in the enforcement of Law 236/2018, which transposes the 2016/97 Directive of the European Parliament, the Romanian insurance market has 37,748 registered consultants, who became insurance specialists after completing the requirements of their professional training. “The Institute of Financial Studies was involved in the construction of a professional formation system at European standards, synched ...

ASF and EIOPA, joint assessment of the insurance market

Monday, February 24, 2020

The Financial Supervisory Authority (ASF) and the European Insurance and Occupational Pensions Authority (EIOPA) announced their intention to launch an independent assessment program of the Romanian insurance market through a balance sheet review (BSR) exercise. A similar application was carried out on the Romanian insurance market in the 2014-2015 period, obtaining pertinent results for both insurance companies and their customers. In the years that ...

Online transactions processed by Netopia Payments advance 41pct in 2019

Monday, February 24, 2020

Netopia Payments, the largest electronic payment processor in Romania, has reported a 41pct increase in the number of digital transactions processed in 2019 as against the previous year.The largest transaction processed by Netopia Payments in 2019 was worth about 24,500 euros and consisted of a payment for a package tour.According to a Netopia press statement, the company processed more than two million transactions online on card or text, as the ...

Minutes of the monetary policy meeting of the BNR Board on 7 February 2020

Monday, February 17, 2020

14 February 2020 The National Bank of Romania (BNR) Board members present at the meeting: Mugur Is?rescu, Chairman of the Board and Governor of the National Bank of Romania; Florin Georgescu, Vice Chairman of the Board and First Deputy Governor of the National Bank of Romania; Leonardo Badea, Board member and Deputy Governor of the National Bank of Romania; Eugen Nicol?escu, Board member and Deputy Governor of the National Bank of Romania; ...

Opening speech at the conference Investment and Investment Finance in Romania

Monday, February 17, 2020


Mugur Isrescu, BNR Governor Vice President McDowell, State Secretary Gyorgy Attila, Distinguished audience, Ladies and gentlemen, It is a pleasure for me and the Board of Directors to welcome you at the National Bank of ...

BNR: Balance of payments and external debt – December 2019

Monday, February 17, 2020

In January - December 2019p, the balance-of-payments current account posted a deficit of EUR 10,478 million, compared with EUR 8,960 million in the same year-ago period. The deficit on trade in goods widened by EUR 2,554 million, the surplus on services income increased by EUR 194 million, the deficit of the primary income balance narrowed by EUR 533 million, and the surplus of the secondary income balance rose by EUR 309 ...

EIB Group support for projects in Romania amounted to EUR 865m in 2019

Monday, February 17, 2020


EIB Group financing in Romania worth 0.4% of Romanian GDP In total 10,200 businesses supported by EIB Group operations in Romania sustaining some 107,000 jobs Today’s event: support to Bucharest Municipalities 4 and 6 for Energy Efficiency investments and signature of intermediated loan to ProCredit Romania to support SMEs, Midcaps and ...

Romania risks infringement for not enacting anti-money laundering legislation

Monday, February 17, 2020


The European Commission (EC) on Wednesday, February 12, sent early warnings to Romania and seven other states (Cyprus, Hungary, the Netherlands, Portugal, Slovakia, Slovenia and Spain) that haven’t notified any measures to implement the 5th Directive on combating money laundering (5th AML Directive), informs a press release of the EC. All member states were required to transpose the rules contained in the 5th Anti-Money Laundering Directive by ...

Insurer Euroins fined with record sum for sluggish compensation payments

Monday, February 17, 2020

Romanian insurer Euroins received a record fine of RON 500,000 (EUR 105,000) for delays in the payment of compensations related to the insurance ...

BVB Group ends 2019 with net profit of 6.83 mln lei, down 33 pct

Monday, February 17, 2020


The Bucharest Stock Exchange Group (BVB) ended 2019 with a net profit of 6.83 million lei (rd 18.7 million EUR), down 33 percent compared to 2018, according to the financial data published on Thursday.At the end of 2019, the market value of all the companies listed on the regulated market of the Bucharest Stock Exchange reached 180.8 billion lei, the equivalent of 37.8 billion euros, and the total assets of the BVB Group were 212.94 million lei (December 31, 2018: ...

PM-designate Orban: Currently there is no risk regarding payment of pensions and salaries

Monday, February 17, 2020

Prime Minister-designate Ludovic Orban stated on Tuesday that presently there is "no risk" regarding the payment of pensions and wages and mentioned that the Liberal government is preparing an ample review of the legislation regarding the pension system, so that it becomes "sustainable, in the medium and long term"."We await the CCR [Constitutional Court of Romania] decision. Regardless of the Constitutional Court decision, we will implement our objective to ...

FinMin Citu: ANAF reorganization is almost fully supported by IMF

Monday, February 17, 2020

The Minister-designate for Public Finance, Florin Citu, claims that what was done in regards to the National Tax Administration Agency (ANAF) reorganization is supported almost fully by the team of the International Monetary Fund, the evaluation of which shows we are going the right direction."We started the reorganization of ANAF, which was done by Emergency Ordinance. Teams of the Monetary Fund and the ANAF looked at this reorganization and I can say that what ...

BNR: Coronavirus might determine decline of inflation in Romania

Monday, February 17, 2020

The National Bank of Romania (BNR) has included Coronavirus in its latest Inflation Report as a factor that might determine the decline of inflation this year. The new flu virus might prompt a slowdown of the global economy, said BNR governor Mugur Isarescu in a press conference on Tuesday.  “We don’t have additional data, but we decided to introduce this phrase from two reasons: for we have seen the ...

Central Bank 's Board decisions on monetary policy

Monday, February 10, 2020

In its meeting of 7 February 2020, the Board of the National Bank of Romania decided the following: to keep the monetary policy rate at 2.50 percent per annum; to leave unchanged the deposit facility rate at 1.50 percent per annum and the lending facility rate at 3.50 percent per annum; to cut the minimum reserve requirement ratio on ...

ASF: Insurance market grew by 8%, to 11 billion lei in 2019

Monday, February 10, 2020

The insurance market grew by 8% last year, compared to 2018, to 11 billion lei, the growing trend being pointed out in previous year, said Cristian Rosu, the vicepresident of the Financial Supervision Authority (ASF), at the conference “Quo Vadis Insurance Market in 2020”. General insurance and life insurance represented a continuous growth of 7-8%. General insurances are dominated by car insurances, and RCA had an increase of only 5% in ...

BRD Groupe Societe Generale: 640,000 mobile banking and Internet banking in 2019

Monday, February 10, 2020

The Romanian banking market becomes more and more digital. In 2019 there were 640,000 mobile and Internet banking users, said Francois Bloch, the general manager of BRD Groupe Societe Generale at a press conference on Thursday. Data included in the report on the consolidated financial situation, released by the Group shows that the transaction volume reached by electronic channels went up by 24% last year, compared to 2018. In ...

Intesa Sanpaolo’s Romanian subsidiary posts tenfold profit increase in 2019

Monday, February 10, 2020

Intesa Sanpaolo Romania, the local subsidiary of the Italian banking group of the same name reportedly in race to take over Garanti Bank Romania, achieved a net profit of EUR 12 million in 2019, well above the EUR 1 mln result recorded in 2018. The improvement was influenced by higher operating revenues and lower operational expenses, according to data reported by the parent-group in Milan, ...

BRD Societe Generale gives EUR 11 mln loan to Aramis Invest Group in Baia Mare

Monday, February 10, 2020

BRD Groupe Societe Generale, part of the French financial group Societe Generale, extended a RON 54 million (EUR 11 mln) financing to Aramis Invest Group in Baia Mare to cover working capital needs and development investments. Furniture producer Aramis Invest was the largest Romanian exporter owned by local private investors in 2018. One of the company's biggest clients is Swedish retailer IKEA. The ...

Insurer Euroins Romania fined 21,000 euros

Monday, February 10, 2020

The Board of the Financial Supervisory Authority (ASF) approved on Wednesday the results of the unannounced control performed at insurer Euroins Romania Asigurare-Reasigurare S.A and decided to fine the company 100,000 lei (about 21,000 euros), ASF said in a release."The ASF Board has decided to fine the company 100,000 lei for failure to comply with the provisions of Law No. 132/2017 and Enforcement Guideline 20/2017 regarding: the registration of the submitted ...

Should taxes go up or down in 2020?

Monday, February 10, 2020

When it comes to the relationship with the state, entrepreneurs and managers of Romanian companies fall into two groups: those who want a stronger government and are waiting for it to intervene and solve their problems, and those who want to be left alone. This cleavage seems stronger at the beginning of 2020 in terms of expectations regarding taxes in the new year. The business environment’s views at the end of last year and in the beginning of ...

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